We are pleased to announce that we are now approved by Companies House to provide verification of overseas companies owning property in the UK.
With the introduction of The Economic Crime (Transparency and Enforcement) Act 2022 (the “Act”), which received Royal Assent in March 2022, overseas entities owning land or wishing to own land in the UK must register with the Registrar of Companies for England and Wales (Companies House).
Any overseas entities which own land purchased in England and Wales on or after 1 January 1999; in Scotland on or after 8 December 2014; and in Northern Ireland on or after 1 August 2022 fall within the scope of the registration. Overseas entities which already own land from these dates, will have a transitional period of 6 months from 1 August 2022 to register. Failure to do so within the transitional period will mean the entity and every officer commit an offence, if found guilty they may be liable to a fine, imprisonment or both.
An overseas entity must identify its registrable beneficial owner and obtain the necessary information in order to have it verified for the registration.
The information required to be verified includes information about the overseas entities, their beneficial owners and managing officers. For individuals, evidence should be provided to confirm their identity and conditions met to be a beneficial owner or managing officer. With our approval, as relevant people, we will be able to verify the documents provided by the overseas entity in relation to their beneficial owners or managing officers.
Please contact email@example.com for more information.